US Widens Economic Stranglehold on Iran with Expanded Sanctions
The US has expanded its sanctions on Iran, cutting off what it calls the country's economic lifeline. Treasury Secretary Scott Bessent said other countries will need to sever business ties with Iran or risk being forced out of the dollar-based financial system.
Bessent declined to identify which countries would be targeted or when those penalties would take effect, giving them time to comply instead.
The new sanctions target 60 individuals, entities, and vessels. While the US has long imposed economic sanctions on Iran, these measures aim to further restrict the country's ability to evade restrictions.
Bessent warned that no one is above the reach of US sanctions, specifically mentioning Chinese banks that have been accused of facilitating Iranian oil trade.